Applied Bioscience International Inc., Huntingdon International Holdings plc deal

APBI (Arlington, Va.) signed a letter of intent under which Huntingdon would purchase APBI's two toxicology laboratories in New Jersey and Suffolk, U.K., for $32.5 million. APBI also would receive Huntingdon's Phase I clinical center located in Leicester, U.K., which had revenues of $3.6 million in 1994.

APBI's toxicology businesses had revenues of $46 million last year. The company, which is focusing on its clinical development and environmental consulting services, expects to use the cash to pay down its $37 million in long-term debt. ...